So far the weekend has not been good as most of the cryptocurrency market is in the red today. This comes after the release of strong data on US inflation and spending yesterday. The crypto market leader Bitcoin (BTC) also experienced a price drop in the last 24 hours.
According to CoinMarketCap, BTC is currently worth around $23,121 after a 3.05% price drop over the past day. The #1 cryptocurrency also hit a low of $23,007 during the same time period.
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BTC’s weak performance over the past day has weighed on its weekly performance, as the king of cryptocurrencies is down more than 5% over the past seven days. BTC also weakened against its biggest competitor, Ethereum (ETH)by about 0.10% over the past day.
Also in the red zone is BTC’s 24-hour trading volume, which currently stands at $24,930,603,465 after a drop of more than 13% since yesterday. In terms of market capitalization, BTC currently sits at $446,454,276,116.
At the moment, the crucial level for BTC is at $23k. If the cryptocurrencies fall below this level by the end of today’s trading, it is very likely that the price of the cryptocurrency market leader will fall to the next support around $22,645.
The 9-EMA (exponential moving average) line for BTC is also moving bearish closer to the 20-EMA line. If the 9-EMA line were to cross bearish below the 2-EMA line within the next 24-48 hours, it would only consolidate this bearish thesis.
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